Payday Loans vs. Lottery Tickets

The only difference between a payday loan and a lottery ticket is that payday loans give you credit while lottery tickets give you nothing. Those against payday loan keep on ranting over the annual bills that rage up to $6 billion every year. The industry can gain up to that much without even letting the public know that first, $40 billion of the money goes to the economy and second, the fees actually gain credit for people.

The people who are against payday loans often say that they are being protective of the less fortunate and the oppressed. However, they never mention that the state lotteries swipe $56 billion off these poor people. This money often cost up to the deficits of the state money and very little of which would come in the economy.

The amount is almost fourteen times the amount that is spent on short-term loan fees and those who buy these tickets get nothing in return for their purchase. Except those who actually win.

An assistant professor of psychology in the University of California, Riversides Ms. Kate Sweeny is studying the responses of people to the overwhelming events in their lives. She shares that after a few years of researching in the down side of the state she found out that people often think that they have no say on their future when it comes to the financial aspect of it. This leads them to put it into luck and enter the lottery.

What they do not know is that what they are doing for “relief” is not the best solution for their money. Payday critics say that the borrowers are being taken advantage of by lenders and payday stores; however they do not burst out with the lotteries that only pay out only recessive taxes. The real question is: why are payday loan critics so intent in taking out payday loans but they ignore the credit products that actually steal from the people.

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